Instagram becomes an NFT marketplace

Meta rolls out features that make Instagram function as an NFT marketplace. The announcement reads that users will be able to create and sell NFTs on Instagram starting with 0xPolygon. From Instagram, users can connect to Solana and Phantom wallets while accessing Opensea.

This development will allow users to “support their favorite creators by buying their digital collectibles directly within Instagram,” Meta says. The experiment is going on with only creators in the US first and will allow others to join later.

According to the blog post, apart from buying and selling these NFTs via Instagram, NFT owners can display their collectibles for others to see. These include images as well as videos.

Meta and Web3 

Meta started NFT integration in May 2022. The team announced that users could leverage the blockchain technology “to earn income, and fans can support their favorite creators by purchasing digital collectibles – art, images, and videos, music or trading cards – as non-fungible tokens (NFTs).”

In August 2022, Meta expanded the Instagram-NFT integration to 100 countries across Africa, Asia-Pacific, the Middle East, and the Americas. The team also hinted at supporting wallet connection to Coinbase and Dapper while allowing the showcase of collectibles minted on the Flow blockchain.

Earlier in May, Mark Zuckerberg, the company’s CEO, shared in a video that the company has started developing NFT-focused projects. It’ll not just be related to the metaverse and Reality Labs; it’ll go “across our family of apps.”

Furthermore, we’re working on Augmented Reality NFTs, which are 3D NFTs that can be displayed on Instagram using Spark AR, Mark added.

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